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SULCUS COMPUTER CORPORATION ANNOUNCES REDEMPTION OF COMMON STOCK

    SULCUS COMPUTER CORPORATION ANNOUNCES REDEMPTION OF COMMON STOCK
    GREENSBURG, Pa., Nov. 11 /PRNewswire/ -- Sulcus Computer Corporation (NASDAQ: SULC), a leading developer of automated systems for the lodging, legal and real estate markets, announced today that it has elected to redeem all outstanding class A common stock purchase warrants at the redemption price of $0.05 per class A warrant, according to Jeffrey S. Ratner, chairman and chief executive officer.
    "With the average closing bid price of the company's common stock having exceeded $3.50 per share for a period of 20 consecutive trading days ending on Nov. 6, 1991, we believe it to be in the best interest of our shareholders to redeem the class A warrants at this time," he said.
    Of the 2,599,507 class A warrants outstanding, 772,290 have been exercised to date, with proceeds to Sulcus of $2,162,412.  Each class A warrant is exercisable into one share of common stock at $2.80 per share. "We anticipate the remaining 1,827,217 class A warrants outstanding to be exercised expeditiously, generating additional proceeds to the company of approximately $5.1 million," Ratner said.
    The redemption date has been set for Dec. 9, 1991.
    In another development, Sulcus announced today that it has been approved for listing on the NASDAQ National Market System effective the open of business on Tuesday, Nov. 19, 1991.
    Said Ratner: "This is a significant milestone for the company, taking us beyond the regional listings. Inclusion in the National Market System provides stockbrokers with last-sale prices and up-to- the-second volume information on the company's common stock as well as its outstanding class A and B warrants and preferred stock. It provides investors with continuous transaction data of the stock exchanges and the vigorous competition among multiple market makers which is the unique strength of NASDAQ.  It should provide a more fluid market for shareholders and potential investors, and we are pleased with this recognition of our company.
    "An additional benefit of National Market System inclusion is the immediate marginability of all our outstanding securities," he added.
    -0-                         11/11/91
    /CONTACT:  Jeffrey S. Ratner, chairman & CEO, or John W. Ryba, general counsel, both of Sulcus Computer Corporation, 412-836-2000/
    (SULC) CO:  Sulcus Computer Corporation ST:  Pennsylvania IN:  CPR SU: CD -- PG005 -- 2898 11/11/91 09:08 EST
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Publication:PR Newswire
Date:Nov 11, 1991
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